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State will collect more on taxes

The state is expected to collect more money in taxes and levies this year and the next two years, with tax income estimated to see an increase of €150-255 million, or 0.2-0.3 percent of GDP in 2018-20. This stems from the updated tax prognosis published by the Institute for Financial Policy (IFP), running under the Finance Ministry.

IFP revised its estimate for tax and levies upwards compared to September 2017 since it expects salary and household consumption growth to be positively reflected in public sector incomes, the TASR newswire reported.

“Additional incomes will mainly go to social insurance provider Sociálna Poisťovňa and public health insurance, while state coffers will benefit from the stronger market to a smaller extent,” IFP stated, as quoted by TASR.

IFP revised its September estimate chiefly based on current tax and levy revenues, as well as a new macroeconomic prognosis. The higher revenues can mainly be ascribed to the positive situation on the labour market and growing household consumption.

“Legislative changes to produce a gradual exemption for 13th and 14th salaries from taxes and levies will have a negative impact on incomes,” IFP added, as quoted by TASR.